As a Christmas present this year, I got a copy of Alvin F. Harlow's Steelways of New England, a very readable history of New England railroading from the beginnings in the 1820's through basically the First World War.
Harlow goes into a lot of detail about the financial machinations behind the creation of the Boston & Maine, Central Vermont, New Haven and others in the last quarter of the 19th century. The book was written in the mid-1940's, which means that the author would have been able to speak first hand to people who were active in the industry at the turn of the 20th Century, 40 years before.
That brings me to the New Haven. He lays the blame for the over-expansion of the NYNH&H squarely at the feet of Charles S. Mellen. His contention is that it was Mellen's empire-building-- not Pierpont Morgan-- that led to the disastrous trolley-line purchases, the attempt to buy the B&M, etc. which in the 1900-1910 decade saddled the road with so much indebtedness and overcapacity that a collapse was inevitable.
So here's my question. What if the New Haven had not tried to buy everything that moved in Southern New England, but instead quit with their acquisitions after leasing the Housatonic in 1892 and buying the New York, Providence & Boston in 1893? Could the company still be around? It struck me in looking at an old map that a large percentage of what constituted the 1893 NYNH&H is still in operation today, while the bulk of the post-1893 acquisitions-- the NY&NE, the CNE, the Connecticut Company-- are long abandoned.
Harlow goes into a lot of detail about the financial machinations behind the creation of the Boston & Maine, Central Vermont, New Haven and others in the last quarter of the 19th century. The book was written in the mid-1940's, which means that the author would have been able to speak first hand to people who were active in the industry at the turn of the 20th Century, 40 years before.
That brings me to the New Haven. He lays the blame for the over-expansion of the NYNH&H squarely at the feet of Charles S. Mellen. His contention is that it was Mellen's empire-building-- not Pierpont Morgan-- that led to the disastrous trolley-line purchases, the attempt to buy the B&M, etc. which in the 1900-1910 decade saddled the road with so much indebtedness and overcapacity that a collapse was inevitable.
So here's my question. What if the New Haven had not tried to buy everything that moved in Southern New England, but instead quit with their acquisitions after leasing the Housatonic in 1892 and buying the New York, Providence & Boston in 1893? Could the company still be around? It struck me in looking at an old map that a large percentage of what constituted the 1893 NYNH&H is still in operation today, while the bulk of the post-1893 acquisitions-- the NY&NE, the CNE, the Connecticut Company-- are long abandoned.